September 02, 2022 [ The Star ] – GPS Group, a growing storage and logistics provider, has started commercial operations of its liquified petroleum gas (LPG) storage terminal in Port Klang with Equinor as the anchor tenant.
The terminal, which began commercial operations on May 10, 2022, will enable cost-advantaged shipments of fully laden very large gas carriers (VLGCs) into Malaysia and the region.
The fully automated facility will make it possible to re-export pressurised shipments into the region, as well as domestic distribution within Malaysia by truck and cylinders.
The terminal is also equipped for direct transfers for LPG by pipeline to other LPG distribution facilities in the port.
The completion of the new terminal is a game-changer for LPG shipments into the region.
“It is the first time that an independent player has the advantage VLGC freight economics into South-East Asia.”
“Delivering this asset is another important milestone in the relationship between Equinor and GPS. We’re thrilled that together we have been able to improve the energy infrastructure of our region.” GPS executive chairman and CEO Eric Arnold said.
Equinor has taken the full capacity of the terminal on a long-term basis, and will be able to take advantage of the terminal’s strategic location to increase sales of LPG in Asia.
The terminal can accommodate an annual throughput of 1.2 million tonnes per year, and will be able to handle VLGC and pressurised LPG vessels at its jetty.
The 135,000-metre terminal began commercial operations in early May this year.
GPS, an independent storage and logistics company, is the majority shareholder of the project and owns and operates the LPG facility.
Magne Hovden, president of Equinor Asia Pacific Pte Ltd, said, the terminal will provide good economy of scale for import of LPG and supply to the region.
GPS a fast-growing developer and independent operator of energy and chemical storage logistics assets with its headquarters in Singapore.
GPS has three assets in The Netherlands, the United Arab Emirates and Malaysia.
It is backed by private equity investments firms Bluewater and White Deer Energy.
Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050.
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